Stamford lender continues strategy shift toward high-net-worth clients and family offices.
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Stamford-based Patriot Bank plans to open a flagship office in Palm Beach, Florida, by the end of the year, marking the latest step in its effort to build a banking business focused on wealthy clients, entrepreneurs and family offices.
The expansion follows a strategic shift launched by President and CEO Steven Sugarman after he took control of the bank in 2025. Patriot has moved away from its traditional community banking model and is focusing on high-net-worth individuals, family offices, financial technology firms and specialized lending businesses.
In a February interview with Hartford Business Journal, Sugarman said the bank was evaluating offices in Florida and Texas as part of a strategy to serve affluent clients beyond Connecticut. The bank has also announced plans for an office in Beverly Hills, California.
According to the bank, the Palm Beach location will serve business owners, investors, family offices and their advisers. The market is a key destination for affluent individuals and businesses, and the office will expand Patriot's footprint beyond its existing presence in Connecticut, New York and other wealth-focused markets, the bank said.
The Palm Beach office will be led by Jamie Bruneau, who has been named executive vice president and Florida market president. Bruneau previously worked in the Palm Beach market with First Republic Bank and Safra National Bank.
Patriot also hired James Ford as vice president and senior relationship manager. Ford previously worked with Bruneau at First Republic Bank.
Patriot Bank, a subsidiary of Patriot National Bancorp Inc., has about $1.2 billion in assets.
